By Kumar Abhishek

Masahiro Hara of Denso Wave Inc. came up with the QR code payment technology in 1994. A QR code is a two-dimensional matrix that contains data encoded within. They were developed to replace barcodes with something that could contain a large amount of information that could be scanned quickly. These patterns are typically printed onto surfaces of posters, newsprint, billboards etc. and their sole purpose is to transfer data from a print form to digital form.

But since then it has never been easy getting around QR codes, its usage, and its safety. They have inherent limitations when it comes to its application in payments.

The proficiency of paying by means of QR Code is cumbersome. Despite being identified as quick response, which they are when compared to other forms of barcodes, QR Codes take a while to be scanned by an average mobile phone. QR codes are heavily reliant on mobile phones or smartphones. A typical card payment is swift and easy compared to a QR Code based mobile payment. Despite having up to 30% error correction, QR Codes often fail to read code prints due to various factors. Poor lighting, reflective surfaces, and damage could render the code intelligibility.

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QR codes can be used in a malicious manner. QR codes can be duplicated and upon scanning such codes you might end up becoming a victim of phishing, data duplication, identity theft or you might be directed towards potentially harmful links and websites.

Let’s take a common security concern with QR codes called “Attaging”, which is the replacement of a QR Code with a malicious QR Code containing viruses embedded into the code. Say, you come across an intriguing advert at a park, an irresistible offer from a prominent fashion brand which asks you scan the QR code to avail the offer. Upon scanning, you are directed to a website that is a replica website of the brand. This website is not the original website hosted by the brand. Here you might be asked to enter sensitive information like your phone number, address etc. Trusting the brand, you give away the details, which later might be used for fraudulent activities by the intended perpetrator. This is possible because QR codes can be manipulated with post production and one cannot detect the difference as it is only machine readable. QR Code transactions are also hard to track as there’s a derisory verification of a user’s identity to safeguard against fraud.

The People’s Bank of China, which is China’s central bank, had banned QR Code payments in 2014, citing security concerns and a lack of regulation in the industry and released new regulations that would standardize security among different QR Code payment products in the Chinese market.

Sound, an energy that is all around us, can be used to transmit information. Since sound can travel through any matter, the technology is wireless, contactless and can be transmitted and received by any speaker or microphone respectively. Soundwave based payment is a contactless payment method. It is interoperable and can work on multiple platforms and technologies enabling payments on smartphones, feature phones, EDC and POS machines.

Unlike QR codes sound wave codes are generated instantly and carry data through a medium where it cannot be duplicated. There is no dependence or reliance on any specific platform. It works on NFC (Near Field Communication) technology, which is inexpensive, easily customizable, more compatible and versatile than technologies such as QR codes.

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Payments through sound waves are faster and can be completed by just a command or two. Information and data on transactions including both merchant and customer can be collected. Data is secure as it is encrypted which prevents malicious activities. Transactions and data updating happens in real time.

Soundwaves based payment is the new frontier cashless payments and can bring about a radical change in this payment sector. The highly accessible and robust payment solution has been designed with both developed and developing markets in mind and can work smoothly in any environment. We as responsible citizens adapt to a better future, a future that is secure, smart and progressive.

(The Author is Founder, ToneTag)